The pension mis-selling scandal isn’t going away anytime soon – how do you know if YOU have been affected?
The FSCS paid out around £105 Million in the year 2016-2017 for claims relating to SIPPs: Self-Invested Personal Pensions, much of which has been orchestrated by Claims Specialists like the team from Get Claims Advice, much to the appreciation of many clients who have been mis-sold.
This represents a 35% increase that last year’s figures, showing that the SIPP mis-selling scandal, in which thousands of UK pension holders were advised to transfer their pensions into SIPPs and have their money invested in HIGH RISK investments like overseas property, forestry schemes and more schemes unregulated by the FCA, is far from over.
Do I have a mis-sold SIPP claim waiting?
With an ever-increasing number of SIPP transfer’s being uncovered as having been mis-sold, if this following is starting to sound familiar, it could be a good idea to use our FREE pension advice checking service to see if you have a claim to recover your pension from high-risk or illiquid funds.
You transferred your old work pension or final salary scheme after a cold-call pension review
The link between pension mis-selling and unregulated marketing companies ringing up to review your pension is well commented on, even leading to FCA consultations and mentions in parliament. Many unregulated introducers want to review your pension so they can place a high-risk yet supposedly high-paying investment under your nose, but sometimes skip the bit about it being high-risk.
You invested through a SIPP into something “Alternative”
Alternative investments often promise high-returns, but they are often non-standard investments, prone to volatility, illiquidity (difficult to sell) and high-risk. In many cases, they are also unregulated by the FCA, meaning you don’t get any help from the FSCS or the Ombudsman if things go wrong.
Examples dealt with by the team at Get Claims Advice this year include Overseas Hotel schemes, forestry, Green investments, and child-care schemes. You can find a longer list of investments to check here.
You aren’t a High-Net Worth Individual, or a Sophisticated Investor
If your financial adviser is telling you to invest in alternative, high-risk stocks, then they need to be checking that you’re either earning over £100k per year (or have £250k of investible assets), and/or a sophisticated investor (with a lot of investment knowledge and experience). This is to ensure that you have the experience to run a SIPP full of high-risk investments, and can recover if things go wrong. If you don’t fit these descriptions, you might have a case…
Get your Pension Advice checked out
Getting a professional opinion on your pension transfer advice is simple and FREE with Get Claims Advice, just head over to our mis-sold SIPP page, fill your basic details on, and we’ll call you back to run through a free initial assessment to test your claim eligibility. If it looks like you’ve been mis-sold a pension then we can move forward to making a claim if you want our help!Tags: FSCS Mis-sold Pension SIPP Claims